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I find it curious that no mention is made of the enormous amount of energy required to mine bitcoin. I can't reconcile how with such high costs for equipment an
by GianFabien 4y ago
I find it curious that no mention is made of the enormous amount of energy required to mine bitcoin. I can't reconcile how with such high costs for equipment and electricity and the slowness/cost in verifying transactions that bitcoin could be used for micropayments. Anybody care to explain?
- 36amxn36 4y agoIt probably won't be used for micropayments. Those are the costs of removing the middleman.
- landemva 4y agoSome n amount is not required. Energy usage varies based on how many miners are running. It is a form of Sybil resistance, which may be understood better by reading white paper. Mentioned elsewhere in this thread is the LN network which is cheap, fast, and low energy. LN allows spending coin pegged off the main chain.
- CyberDildonics 4y agoThe amount of electricity is proportional to the price. Transaction rates are completely separate from the amount of electricity it takes to mine. Every other cryptocurrency can handle far more transactions than bitcoin. Only bitcoin has a transaction rate of 1.1 kilobytes per second (lower than a 14.4 modem). Increasing throughput does not affect the electricity needed, but bitcoin refuses to do it to sell a second layer that no one wants or needs. A scammer name Craig Wright made a fork of bitcoin to exploit some people who recognized the need for more throughput.